Ukraine Crisis: OMV considering Nord Stream 2 involvement

Energy Trade

File photo shows the OMV HQ building in Vienna, Austria, in December 2019. 

Photo by BERK OZDEMIR / Shutterstock.com

Vienna-based oil and gas company OMV has told the Budapest Business Journal that gas supply to Austria is being maintained, but it will review its position on the North Stream 2 pipeline from Russia to Germany.

“The war in Ukraine means we are all confronted by a terrible geopolitical situation that is distressing for many people and which we view with the utmost consternation,” the OMV group statement said. 

“OMV has an expert team in place to constantly monitor and evaluate the situation so that appropriate measures can be taken whenever necessary. OMV upholds its responsibility to contribute to the security of gas supplies and is, of course, in compliance with all sanctions. Currently gas supply to Austria is continuing in line with our contracts,” OMV explained.

The group said it had decided on Feb. 1 “to not further pursue” the potential acquisition from Gazprom of “an interest” in the Achimov 4A/5A phase development in western Siberia, and to “review its involvements in the Nord Stream 2 Pipeline.” The OMV statement ended by noting, “we are not in the position to make any predictions for the future.”

The Budapest Business Journal has been contacting leading companies in Hungary to understand better how the war in Ukraine and sanctions against Russia are affecting their business.

See also “MOL says Hungary’s energy supply is secure,”  “Gedeon Richter suspends marketing activities in Ukraine,” and “Audi Hungaria Predicts Supply Chain Problems.

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